ITM Power (LON:ITM) Trading 7.8% Higher – Here’s Why

ITM Power Plc (LON:ITM)’s share price was up 7.8% during trading on Wednesday . The stock traded as high as GBX 42.48 ($0.55) and last traded at GBX 42.06 ($0.55). Approximately 3,094,487 shares traded hands during trading, an increase of 27% from the average daily volume of 2,433,666 shares. The stock had previously closed at GBX 39 ($0.51).

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ITM shares. JPMorgan Chase & Co. lowered ITM Power to a “neutral” rating and lowered their price objective for the company from GBX 130 ($1.69) to GBX 90 ($1.17) in a research report on Tuesday, July 9th. Berenberg Bank lowered their price objective on ITM Power from GBX 60 ($0.78) to GBX 59 ($0.77) and set a “hold” rating for the company in a research report on Thursday, August 15th.

ITM Power Trading Up 1.3 %

The firm has a 50-day moving average price of GBX 47.13 and a 200-day moving average price of GBX 51.20. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The stock has a market cap of £262.26 million, a PE ratio of -1,054.50 and a beta of 2.03.

Insider Transactions at ITM Power

In other ITM Power news, insider Simon Bourne bought 60,126 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average price of GBX 42 ($0.54) per share, with a total value of £25,252.92 ($32,749.22). In other ITM Power news, insider Andy Allen bought 658 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was acquired at an average price of GBX 46 ($0.60) per share, with a total value of £302.68 ($392.53). Also, insider Simon Bourne bought 60,126 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was acquired at an average cost of GBX 42 ($0.54) per share, with a total value of £25,252.92 ($32,749.22). Insiders purchased a total of 61,610 shares of company stock valued at $2,600,696 in the last quarter. 48.26% of the stock is owned by insiders.

ITM Power Company Profile

ITM Power Plc designs and manufactures proton exchange membrane (PEM) electrolysers in the United Kingdom, Germany, Australia, rest of Europe, and the United States. The company’s product portfolio comprises TRIDENT, an PEM electrolysers stack technology; NEPTUNE, a 2MW plug and play electrolyser for small to mid-size projects; and POSEIDON, a 20 MW electrolysis process module for large-scale projects.